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SHAHMURAD SUGAR MILLS LIMITED Half Yearly Results for the period 1st October 2019 to 31st March, 2020 SHAHMURAD SUGAR MILLS LTD. COMPANY INFORMATION BOARD OF DIRECTORS MR. ZIA ZAKARIA Managing Director & CEO MR. ABDUL AZIZ AYOOB MR. NOOR MOHAMMAD ZAKARIA MRS. SANOBAR HAMID ZAKARIA MR. NAEEM AHMED SHAFI Independent Director MR. KHURRAM AFTAB Independent Director BOARD AUDIT COMMITTEE MR. NAEEM AHMED SHAFI Chairman MR. NOOR MOHAMMAD ZAKARIA Member MRS. SANOBAR HAMID ZAKARIA Member HUMAN RESOURCE AND REMUNERATION COMMITTEE MR. KHURRAM AFTAB Chairman MR.NOOR MOHAMMAD ZAKARIA Member MR. ZIA ZAKARIA Member CHIEF FINANCIAL OFFICER MR. ZAID ZAKARIA COMPANY SECRETARY MR. MOHAMMAD YASIN MUGHAL FCMA AUDITORS M/s. KRESTON HYDER BHIMJI & CO. Chartered Accountants LEGAL ADVISOR MR. IRFAN Advocate REGISTERED OFFICE 96-A, SINDHI MUSLIM HOUSING SOCIETY, KARACHI-74400 Tel: 34550161-63 Fax: 34556675 FACTORY JHOK SHARIF, TALUKA MIRPUR BATHORO, DISTRICT SUJAWAL (SINDH) REGISTRAR & SHARES REGISTRATION OFFICE M/S C & K MANAGEMENT ASSOCIATES (PVT) LTD. 404-TRADE TOWER, ABDULLAH HAROON ROAD, NEAR METROPOLE HOTEL, KARACHI - 75530 WEBSITE www.shahmuradsugar.co 1 SHAHMURAD SUGAR MILLS LTD. DIRECTORS' REPORT Dear Members Asslamu Alaikum On behalf of Board, I take the opportunity to present before you with great pleasure the un-audited financial statements of your company for the period ended March 31, 2020. The financial statements have been reviewed by the Auditors as required under the Code of Corporate Governance. Salient features of production and Financial Statements are as under: PRODUCTION DATA March 31, 2020 March 31, 2019 Sugarcane crushed (M Tons) 444,430 500,270 Sugar produced (M Tons) 48,786 55,425 Sugar recovery percentage 11.00 11.08 Molasses produced (M Tons) 19,715 23,100 Ethanol Production (M Tons) 24,230 34,897 FINANCIAL DATA (Rupees in thousands) Sales revenue 5,064,331 4,543,954 Cost of sales (4,504,646) (3,665,337) Gross profit 559,685 878,617 Distribution cost (8,928) (54,526) Administrative expenses (133,637) (124,044) Other operating charges (27,964) (47,943) Other income 106,742 71,632 Financial cost (189,631) (168,701) Profit before taxation 306,267 555,035 Provision for taxation (57,740) (3,687) Profit after taxation 248,527 551,348 Earnings per share Rs.11.77 Rs.26.11 Segment wise performance is elaborated as under: SUGAR DIVISION During the period under review the mill crushed 444,430 metric tons of cane and produced 48,786 metric tons of sugar. During the same period lastyear, the mill crushed 500,270 metric tons of cane and produced 55,425 metric tons of sugar. Production during the current period is lower than last year by 12 percent or 6,639 metric tons. The decrease in production of sugar was low mainly due to non- availability of raw material.The poor condition of crop in the province due to non- availability of water. For the crushing season the Government notified support price of sugarcane at Rs. 192/- per forty kgs of cane but Mill has to pay higher price of cane in order to run the mill without interruption. During the current period the business activities remained suspended due to lock down on account of corona virus in the country which has been reflected in our sales volumes. 2 SHAHMURAD SUGAR MILLS LTD. ETHANOL DIVISION During the period under consideration the Ethanol Division produced 24,230 metric tons of ethanol as against 34,897 metric tons produced in the same period of last year.The production is substantially low when compared with the output of the last year which was due to non-availability of raw material and interruption due to lock down on account of corona virus. It is anticipated that the production during the remaining period of the year would hopefully be maintained. FUTURE OUTLOOK It is expected that during the next crushing season cane crop in country would be good as natural rain fall and canal water is expected to be available in upper part of the country. We hope that the Government would take timely decision to ensure availability of water in lower part of the province by judicious distribution thereof. Future outlook of ethanol appear to be positive as the demand of our premium product increased. The company is taking strong measures to improve the contribution of ethanol division. BOARD OF DIRECTORS We are deeply aggrieved and regret to report that Mr. Ismail H Zakaria who was the Chairman of the Board has expired on May 27, 2020 May Almighty Allah (SWP) grant him maghfirah, illuminate his grave, and grant him place into Jannat-ul-Firdos Ameen. Upon his sad demise the position of Chairman of the Board has fallen vacant which will be filled in due course of time and except this there is no other change in the composition in the Board. The Board of Directors wishes to assure its respectable stakeholders for the dedicated efforts to achieve the success with better planning to overcome, In Shah Allah, the difficult situation being faced presently by the sugar industry of the country. Please extend your pray to Almighty Allah to guide and help us to achieve the desired goals. (Ameen) ZIA ZAKARIA ABDUL AZIZ AYOOB Managing Director & CEO Director Karachi: Dated: May 28, 2020 3 AUDITORS' REPORT TO THE MEMBERS ON REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS INTRODUCTION: We have reviewed the accompanying condensed interim Statement of Financial Position of SHAHMURAD SUGAR MILLS LIMITED ("the Company") as of March 31, 2020, and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows and notes to the financial statements for the half year ended (here-in-after referred to as the "condensed interim financial statements"). Management is responsible for the preparation and presentation of these condensed interim financial statements in accordance with the accounting and reporting standards as applicable in Pakistan. Our responsibility is to express a conclusion on these condensed interim financial statements based on our review. The figures of the condensed interim statement of profit or loss and condensed interim statement of comprehensive income for quarters ended March 31, 2020 and March 31, 2019 have not been reviewed, as we were required to review only the cumulative figures for the half year ended March 31, 2020. SCOPE OF REVIEW: We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of these condensed interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. CONCLUSION: Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial statements are not prepared, in all material respects, in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. The engagement partner of the review resulting in this independent auditor's report is Shaikh Mohammad Tanvir. Chartered Accountants Karachi Dated: May 28, 2020 Suite No. 1601, 16th Floor, Kashif Centre, Shahrah-e-Faisal, Karachi. Phone: 92-21-35640050 to 52 Website: www.krestonhb.com E-mail: [email protected], [email protected] OTHER OFFICES LAHORE - FAISALABAD - ISLAMABAD A member of kreston international A global network of independent accounting firms. 4 SHAHMURAD SUGAR MILLS LTD. CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2020 Un-audited Audited March September 2020 2019 Note (Rupees in thousand) ASSETS NON CURRENT ASSETS Property, plant and equipment 4 5,562,293 5,498,699 Intangible asset 5 - - Long term investment in associate 6 1,351 1,351 Long term loans 1,515 2,214 Long term deposits 2,429 2,429 Deferred taxation 25,027 25,726 5,592,615 5,530,419 CURRENT ASSETS Stores, spare parts and loose tools 215,262 243,590 Stock-in-trade 5,592,006 1,967,859 Trade debts 557,611 459,571 Loans and advances 505,099 1,586,334 Trade deposits and short term prepayments 10,789 1,095 Other receivables 234,788 235,130 Short term investment - 200,714 Income tax refundable-Net 106,738 103,896 Cash and bank balances 82,854 62,249 7,305,147 4,860,438 12,897,762 10,390,857 EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES Authorised Capital 25,000,000 ordinary shares of Rs. 10 each 250,000 250,000 Issued, subscribed and paid-up capital 211,187 211,187 Revenue reserve General reserve 80,000 80,000 Share of associate's unrealized loss on re-measurement of its investment at fair value through other comprehensive income (2,441) (2,441) Unappropriated profit 2,545,643 2,612,860 Capital reserve Revaluation surplus on property, plant and equipment 1,432,924 1,476,197 4,267,313 4,377,803 NON CURRENT LIABILITIES Long term financing 1,160,441 1,340,813 CURRENT LIABILITIES Trade and other payables 1,350,480 1,106,764 Accrued finance cost 80,422 39,816 Short term borrowings 5,621,454 3,112,830 Loan from related parties 48,135 48,135 Current portion of long term financing 359,688 358,560 Unclaimed dividend 9,829 6,136 7,470,008 4,672,241 CONTINGENCIES AND COMMITMENTS 7 - - 12,897,762 10,390,857 The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements.
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